Retail in Asia

In Trends

Alibaba says Singles Day sales reach USD9.3b

Chinese e-commerce giant Alibaba said consumers spent a record USD9.3 billion during its 24-hour shopping promotion Singles Day on Tuesday, cementing its position as the world’s biggest online retail event.

Shoppers spent USD3.5 billion, or 60 percent, more than the USD5.8 billion sales recorded for the same day last year, the group said in a statement on Wednesday.

It also dwarfed the major shopping days in the US in terms of transaction value, toppling the combined online sales of USD5.3 billion recorded on Thanksgiving Day and Black Friday through to Cyber Monday last year, according to data compiled by Internet analytics firm comScore.